Bank Transfers


A friend has had terrible problems with the Post Office Savings - into which he has his pension paid. He has not been able to access the account with his pension for 9 weeks.
He set up a nominated account (Barclays) in to which to transfer the money out of the PO - just so that he could start living again.
Having set up the nominated account: his PO account had to be "frozen" for a full week : "security".
Having waited the full week we phoned to arranged the transfer to Barclays - I asked when would the transfer be complete. I was told 1700 on the next working day. I asked why it took so long - how was the money transferred - I was told BACS. I queried that and said I thought not - was a Faster Payment electronic transfer used. I was told no!!! I asked to speak to a supervisor - there was no-one available: but I could write in!!!
I advised my friend to try the account this morning - an lo and behold the money was there.
Why on earth the PO could not have said it may take up to 1700 tomorrow - but we suggest that you give it an hour and try it then.
Post Office Savings: the worst financial institution I have *ever* dealt with.
(The account holder has written a letter to their Customer Complaints department authorising me to make an official complaint on his behalf (with no access to the financial details of the account). I phoned up yesterday - a week after the letter was sent - they have not received it in the complaints department yet !!)
(As a matter of interest - does anyone know the quickest and the slowest estimates for times of transfers between different banks - assuming the system is working OK?)
Reply to
Judith
wrote:
I know this may not be entirely relevant to the question, but this is Usenet, so who cares about relevance :-)
I live in the Philippines and I have accounts with HSBC both here and in the UK. If I want to transfer money to myself here I use their online "Global Transfers" service. I log into my internet banking service and the money is instantaneously credited to my account here in Manila.
I know this is the same banking group, but technically they are not exactly the same bank. I still find it very impressive that money can be sent across the world between my accounts that fast.
Chris
Reply to
Chris Blunt
Chris, are you saying that you can make an international bank transfer for nothing? It costs me £10, but am I being ripped off?
Reply to
cryptogram
wrote:
For HSBC account holders who have "Premier" status its free of charge to move money between their other HSBC accounts anywhere in the world.
It was the fact that the transfers take place instantaneously between accounts that impressed me.
I think they make a charge for non-Premier account holders.
Chris
Reply to
Chris Blunt

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